Latest News

The government has resolved to initiate a crackdown on widespread petrol smuggling.

Published

7 days ago

Farwa

It has been revealed that over 396 billion rupees’ worth of petroleum products are smuggled into the country annually.

Authorities have resolved to initiate a crackdown on illicit gas stations, sources reported. “Sources indicated that a comprehensive plan of additional measures has been developed to combat the smuggling of petroleum products within the country.”

Sources indicate that the Federal Board of Revenue (FBR) has presented recommendations for altering petroleum-related legislation.

Sources indicate a proposal to permit district administrations to seal unlicensed petrol pumps and filling stations.

Furthermore, it has been proposed that districts be authorized to seize machinery and equipment from illegal petrol stations.

Government sources said that a plan for the digitalization of fuel stations nationwide is currently under consideration.

“Sources indicated a proposal to implement SIM-based technology at petrol stations to monitor sales.”

A proposal for the real-time monitoring of fuel stocks at petrol stations has been filed.

“The development of a digital application and GIS mobile application to monitor illegal petrol filling stations has been proposed,” sources indicated.

It has been advised that oil marketing organizations maintain real-time updates on their mobile applications, according to sources.

Business

Income tax return filing deadline extended once again

Published

24 hours ago

Farwa

The due date for submitting income tax returns for the tax year 2023–24 was once again extended until October 31 by the Federal Board of Revenue on Tuesday.

The deadline of October 14 was earlier. The first deadline for filing tax returns was September 30, as stated in the income tax ordinance.

A three-day bank closure in Islamabad and Rawalpindi owing to the SCO summit, along with a request for an extension from business organizations and tax bar associations, are all included in the FBR.

4.537 million income tax returns were filed as of October 14, according to the FBR, an increase of 107.83 percent over the 2.183 million forms filed during the same period last year. The FBR got 6.464 million returns for the most recent tax year. It forecasts 1.927 million more returns to match the level of previous year.

Based on initial statistics, 1.059 million new filers were enrolled throughout the same time in 2024, from July 1, 2023, to October 14, 2024.

Latest News

SCO will allow Pakistan’s economy to flourish: Sherry Rehman

Published

24 hours ago

Farwa

In order to foster economic growth, Pakistan will host high-level delegations for the SCO Summit, according to remarks made on Monday by Senator Sherry Rehman, the vice president of the Pakistan People’s Party (PPP).

According to Sherry Rehman, these high-level delegations were coming to the nation for diplomatic, economic, and strategic connections after decades. She was speaking to a private TV station.

For the summit to be successful, she underlined that political parties needed to put aside their disagreements and cooperate.

In her remarks, she emphasized that Pakistan is a major actor in the shifting economic trajectory towards Asia, making the 23rd SCO summit a critical geopolitical event.

Latest News

From October 22, a westerly wave is expected to deliver rain to Pakistan.

Published

1 day ago

Farwa

The westerly wave series is predicted to arrive in the nation on October 22, according to the Meteorological Department.

With a maximum expected to hit 34 degrees, today’s minimum temperature in Lahore is predicted to be 21 degrees Celsius. Thirty degrees Celsius is the current recorded temperature in the city.

It is observed that the humidity is at 67 percent and the wind speed is 8 km/h.

As the western winds move in, there’s a probability of rain in the northern areas starting on October 22, according to Akhtar Mahmood, the director of the meteorological department.

It’s not going to rain in Lahore, he said, even though the weather will get better.